All eyes on Iran
February 24, 2026
The news today is Iran, Iran, and Iran. Nothing earth-shattering has happened, but all eyes are on Iran and wondering what will happen next.
I found this comment from President Trump a bit confusing and funny, especially considering the possibility of a US military attack looming. Steve Witkoff, Trump’s special envoy to Iran, said the president was curious as to why the Iranians have not yet “capitulated” and agreed to curb their nuclear program.
Prices have stayed flat overnight and into early trading this morning. This is likely the trend here near term as we all wait to see what happens next with Iran.
US diesel exports to Europe reached a record high in January after the continent strengthened its ban on imports of Russian-derived fuel, and as discounted Russian diesel displaced US fuel in Brazil. According to Kepler data, US refineries helped fill the gap with diesel exports to the EU in January, reaching an all-time high of 336,000 bpd, going back to 2017. Vortexa reports this data a bit higher at 410,00 bpd.
Goldman Sachs said the global oil market was expected to remain with a surplus of 2.3 million bpd in 2026, assuming no Iran-related disruption to supply, while raising its Brent and WTI forecast for the fourth quarter of 2026 by $6 to $60 and $56 a barrel, respectively, citing lower OECD inventories.
The UK government announced nearly 300 more additions to its Russian sanctions list, marking the largest sanctions package since the invasion begin in 2022.